Home Sales Across Canada Fell 10% In April

Home sales across Canada declined 9.8% year-over-year in April as the economy slows and potential buyers wait for lower interest rates.

The Canadian Real Estate Association (CREA) reports that a total of 44,300 residential properties changed hands nationwide last month, compared with 49,135 in April 2024.

At the same time, the annual pace of housing starts in Canada during April rose 30% from a year earlier.

CREA said elevated interest rates and tariff-related uncertainty is continuing to keep buyers on the sidelines, resulting in the sales slump.

The association said new listings fell 1% month-over-month during April.

There were 183,000 properties listed for sale across Canada at the end of April, up 14.3% from a year earlier but below the long-term average for the month of around 201,000 listings.

Increased supply levels are being driven by higher inventories in British Columbia and Ontario, while tight inventories remain everywhere else across the country.

The national average sale price of a home sold in April was $679,866, down 4% from a year ago.

CREA recently downgraded its forecast for home sales this year, saying total transactions would likely be on par with 2024.

As recently as January, CREA had forecast an 8.6% sales increase for 2025.